CAPACITY TO ACCOMMODATE HIGHER PROJECT COSTS OR FUNDING SHORTFALLS Sample Clauses

CAPACITY TO ACCOMMODATE HIGHER PROJECT COSTS OR FUNDING SHORTFALLS. ‌ NJT can accommodate a 10 percent increase in total Project cost from funding sources that currently committed or budgeted, as demonstrated in a sensitivity analysis performed by NJT in October 2020. The sensitivity analysis considers total Project cost, rather than just the CIG Project cost, because NJT and Amtrak have agreed to share cost increases on a 50-50 basis. This is stipulated in a draft Project Development Agreement (September 30, 2020), to which the Boards of both NJT and Amtrak have agreed. The sensitivity test can be summarized as follows: • A 10 percent increase in total project construction cost ($171 million on a base of $1.708 billion) would be shared 50-50 by Amtrak and NJT, or $85.5 million each. • The Amtrak share ($85.5 million) would draw from the available balance ($89 million) in the Amtrak Escrow Account, leaving a balance of $3.5 million for future uses. • The NJT share totals $88.5 million, consisting of the 50 percent share of additional construction cost ($85.5 million), plus an additional $3 million in financing cost that is applicable only to the CIG Project. • The NJT share ($88.5 million) would be funded as follows: – $9 million in NJEDA bonds (i.e., original $600 million authorized, less $591 million already applied to CIG Project funding). – $77 million in NJTTF funding from an available balance of $153 million (i.e., 2020-2028 STIP budgeted funds totaling $182.2 million, less $29 million applied to principal payments on original NJEDA bond issue), leaving a balance of $76 million for future uses. In addition to the Amtrak Escrow Account balance ($3.5 million) and NJTTF balance ($76 million) noted above, an additional $8.8 million of the 2018-2019 NJTTF appropriations for the Project have not been applied. Thus, a total of approximately $88 million is available when and if needed. This equates to another 5 percent of total Project construction cost. In summary, all the non-CIG capital funds for the Project have been committed or budgeted. NJT has demonstrated the financial capacity to accommodate at least a 10 percent change in Project cost or funding shortfalls.
Sample 1
AutoNDA by SimpleDocs

Related to CAPACITY TO ACCOMMODATE HIGHER PROJECT COSTS OR FUNDING SHORTFALLS

  • Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • Cost Overruns The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;

  • Administrative Costs Administrative costs will not be included in the budget neutrality agreement, but the state must separately track and report additional administrative costs that are directly attributable to the demonstration. All administrative costs must be identified on the Forms CMS-64.10 Waiver and/or 64.10P Waiver.

  • Enhancement Budget Enhancements refer to additional functionality and deliverables unknown to the Authorized User at the time of Mini-Bid release. An Authorized User is permitted to include an enhancement budget, as included in the Mini-Bid (up to 10%). The total cost of the project including the enhancement budget shall not exceed the Lot threshold from which the award was made. An Authorized User shall use Appendix F, Attachment 3, Enhancement Request Template to reflect such modifications. Mini-Bid/Statement of Work documents will define specific criteria and method of reimbursement for the enhancement budget. Written approval of the Enhancement Budget Request is required from both the Authorized User and the Contractor.

  • COSTS DISTRIBUTED THROUGH COUNTYWIDE COST ALLOCATIONS The indirect overhead and support service costs listed in the Summary Schedule (attached) are formally approved as actual costs for fiscal year 2020-21, and as estimated costs for fiscal year 2022-23 on a “fixed with carry-forward” basis. These costs may be included as part of the county departments’ costs indicated effective July 1, 2022, for further allocation to federal grants and contracts performed by the respective county departments.

  • Direct Costs Insert the major cost elements. For each element, consider the application of the paragraph entitled “Costs Requiring Prior Approval” on page 1 of these instructions.

  • Start-Up Costs 4.1.1 The Government of Ontario will provide:

  • Cost Allocation Cost allocation of Generator Interconnection Related Upgrades shall be in accordance with Schedule 11 of Section II of the Tariff.

  • Allocation of Tranche Write-down Amounts to the Reference Tranches On each Payment Date on or prior to the Termination Date, the amount, if any, of the Tranche Write- down Amount for that Payment Date will be allocated, first, to reduce any Overcollateralization Amount for such Payment Date, until such Overcollateralization Amount is reduced to zero, and, second, to reduce the Class Notional Amount of each Class of Reference Tranche in the following order of priority, in each case until its Class Notional Amount is reduced to zero:

Time is Money Join Law Insider Premium to draft better contracts faster.